The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #2021-86
Approving internal loan from the General Fund to the Water Operating Fund in an amount not to exceed $69,784.00
WHEREAS, Costs related to the maintenance of the North Well have come in well above estimates and based thereon it appears that the Water Operating Fund will need funds transferred in from the General Fund to cover the maintenance and repairs approved by the City Council, and
WHEREAS, A loan from the General Fund to the Water Operating Fund in an amount not to exceed $69,784.00, the approximate total project cost, will provide the flexibility necessary to pay for the project with available water funds with the balance to be covered by way of a transfer/loan from the General Fund to the Water Operating Fund, and
WHEREAS, The General Fund loan will be repaid with Bond proceeds and/or water operating funds, and
WHEREAS, The Council finds that a loan from the General Fund to the Water Operating Fund in an amount not to exceed $69,784.00, at 0% interest, to cover the costs associated with the North Well Maintenance and Repair project is appropriate and further finds that said internal loan should be repaid from Bond revenues anticipated to be received during FY ’22 and /or water operating funds.
NOW, THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa does hereby approve of a transfer/loan from the General Fund to the Water Operating Fund in an amount not to exceed $69,784.00, the exact amount to be determined at or about project completion, at 0% interest per annum, to cover the costs related to the North Well Maintenance and Repair project, the principal of same to be repaid to the General Fund as soon as is practicable.
IN TESTIMONY WHEREOF, I have hereunto subscribed my name and caused the Great Seal of the City of Monticello, Iowa to be affixed hereto. Done this 2nd day of August, 2021.
Brian Wolken, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk